Consider the following independent projects:

Project	Year 0	Year 1	Year 2	Year 3	Year 4	Year 5
A	-2,000	600	800	1,200	0	0
B	-3,000	1,200	1,200	1,200	1,200	0
C	-4,000	1,500	1,500	0	1,500	1,500

a) Calculate the NPV of each project at an 8% discount rate. b) Identify which project(s) should be accepted based on NPV. c) Determine the payback period for each project. d) If the cutoff period is 4 years, which project(s) would be accepted using the payback period rule?